EQTEC PLC Deeside Project Update and Extension to SPA (7251Q)
30 Junio 2022 - 1:00AM
UK Regulatory
TIDMEQT
RNS Number : 7251Q
EQTEC PLC
30 June 2022
30 June 2022
EQTEC plc
("EQTEC", the "Company" or the "Group")
Deeside Project Update and Extension to Share Purchase
Agreement
EQTEC plc (AIM: EQT), a world-leading technology innovation
company enabling the Net Zero Future through advanced solutions for
hydrogen, biofuels, SNG and other energy production confirms that,
further to its announcement on 1 April 2022, Deeside WTV Limited
("Deeside WTV"), a wholly owned subsidiary of EQTEC, and Logik
Developments Limited (" Logik ") have reached an agreement to
further extend the date for completing the share purchase agreement
signed by Deeside WTV and Logik on 7 December 2020 (as amended by
the supplemental agreement announced on 6 December 2021 and further
amended by the supplemental agreement announced on 1 April 2022)
(the "SPA") to 31 August 2022. The SPA relates to the currently
approved 182,000 tonne waste reception plant along with 2 MW
anaerobic digestion facility and a 9.9 MWe EQTEC Advanced
Gasification Technology facility, (the "Project") at Deeside,
Flintshire, UK.
Project progress
The Company is in the final stage of discussions to appoint
Black and Veatch, a global engineering, procurement, consulting and
construction company specialising in sustainable infrastructure
development, for the powertrain FEED (front end engineering design)
which follows the EQTEC gasification plant.
Discussions with shortlisted technology partners and EQTEC are
ongoing, in order that the selected companies can provide their
technical and commercial proposal for the downstream technology to
convert syngas into hydrogen.
Ongoing discussions with development and infrastructure
investors, as well as owner-operators for a minimum of GBP15
million sale of the Project SPV are progressing with a number of
parties engaged at due diligence stage.
Further information about the Project
EQTEC is lead developer and technology provider for the Project
in partnership with Logik and Anaergia Inc. through the Project
SPV. As announced on 28 October 2021, Flintshire County Council's
Planning Committee has resolved to grant planning permission for
the proposed 9.9 MWe plant to enable a complete and local
waste-to-energy solution, combining a 182,000 tonne waste reception
plant along with 2 MW anaerobic digestion ("AD") and EQTEC Advanced
Gasification Technology. The planning authority's decision follows
its prior approval of the site for the original plan of a recycling
and AD facility. Additionally, through the Project, EQTEC and
Toyota are exploring an innovative, circular and sustainable
waste-to-energy solution for Toyota's engine manufacturing plant in
Deeside. The site is currently on 6.27 hectares of land off
Weighbridge Road on Deeside Industrial Estate, one of Europe's
largest such industrial sites. The Project site is wholly owned by
the Project SPV (acquired December 2020) and was formerly a Gaz de
France power station.
The Project is one of three waste-to-energy/fuel projects that
the Group is developing in the UK, including at Billingham,
Teesside and Southport, Merseyside.
This announcement contains inside information as defined in
Article 7 of the EU Market Abuse Regulation No 596/2014, as it
forms part of United Kingdom domestic law by virtue of the European
Union (Withdrawal) Act 2018, as amended, and has been announced in
accordance with the Company's obligations under Article 17 of that
Regulation.
ENQUIRIES
EQTEC plc +44 203 883 7009
David Palumbo / Nauman Babar
-----------------------
Strand Hanson - Nomad & Financial Adviser +44 20 7409 3494
-----------------------
James Harris / Richard Johnson
-----------------------
Arden Partners - Joint Broker +44 20 7614 5900
-----------------------
Ruari McGirr (Corporate) / Simon Johnson
(Sales)
-----------------------
Canaccord Genuity - Joint Broker +44 20 7523 8000
-----------------------
Henry Fitzgerald-O'Connor / James Asensio
/ Patrick Dolaghan
-----------------------
Alma PR - Financial Media & Investor
Relations +44 20 3405 0205
-----------------------
Josh Royston / Sam Modlin EQTEC@almapr.co.uk
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+44 (0) 20 7457 2381
Instinctif - General Media Enquiries / +44 (0) 7887 884794
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Chris Speight / Tim Field EQTEC@instinctif.com
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About EQTEC plc
As one of the world's most experienced gasification technology
and engineering companies, with a growing track record of
delivering operational and commercial success for transforming
waste-to-energy through best-in-class technology innovation,
engineering and project development , EQTEC brings together design
innovation, project delivery discipline and solid commercial
experience to add momentum to the global energy transition. EQTEC's
proven, proprietary and patented technology is at the centre of
clean energy projects, sourcing local waste, championing local
businesses, creating local jobs and supporting the transition to
localised, decentralised and resilient energy systems.
EQTEC designs, supplies and builds advanced gasification
facilities in the UK, EU and US, with highly efficient equipment
that is modular and scalable from 1MW to 30MW. EQTEC's versatile
solutions process over 50 varieties of feedstock, including
forestry wood waste, vegetation and other agricultural waste from
farmers, industrial waste and sludge from factories and municipal
waste, all with no hazardous or toxic emissions . EQTEC's solutions
produce a pure, high-quality synthesis gas ("syngas") that can be
used for the widest range of applications, including the generation
of electricity and heat, production of synthetic natural gas
(through methanation) or biofuels (through Fischer-Tropsch,
gas-to-liquid processing) and reforming of hydrogen.
EQTEC's technology integration capabilities enable the Group to
lead collaborative ecosystems of qualified partners and to build
sustainable waste reduction and green energy infrastructure around
the world.
The Company is quoted on AIM (ticker: EQT) and the London Stock
Exchange has awarded EQTEC the Green Economy Mark, which recognises
listed companies with 50% or more of revenues from
environmental/green solutions.
Further information on the Company can be found at www.eqtec.com
.
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